Who Owns Kuda Bank? Everything You Need to Know in 2025

Who Owns Kuda Bank

Wondering who owns Kuda Bank? Learn about the founders, ownership structure, and how this Nigerian digital bank is shaping Africa’s fintech future.

The Rise of Kuda Bank

Kuda Bank has quickly become one of the most talked-about digital banks in Nigeria and beyond. With its promise of free banking services, no hidden charges, and seamless transactions, many people are curious: who owns Kuda Bank?

This question isn’t just about names—it’s about understanding the people and vision driving one of Africa’s most successful fintech startups. Let’s dive deeper into its ownership, founders, and what makes Kuda Bank unique.

Who Owns Kuda Bank?

Kuda Bank is co-founded and owned by Babs Ogundeyi and Musty Mustapha. The company, originally launched as “Kudimoney” in 2016, rebranded to Kuda Bank in 2019 to position itself as Nigeria’s first fully licensed digital-only bank.

Babs Ogundeyi (Co-Founder & CEO): A seasoned entrepreneur with experience in finance, policy, and startups. He previously worked with the Nigerian government and in venture building.
Musty Mustapha (Co-Founder & CTO): A tech expert and product developer who has worked on multiple fintech solutions before co-founding Kuda.

Today, Kuda operates under the license of the Central Bank of Nigeria (CBN) as a microfinance bank, giving it the legal backing to provide banking services digitally.

You can explore more about their services and open an account directly via the official Kuda Bank website or by downloading the app from the Google Play Store and Apple App Store.

How Kuda Bank Grew into a Fintech Powerhouse

Kuda Bank didn’t just rise overnight—it’s the product of vision, innovation, and funding. Since its launch, Kuda has attracted significant investment from global venture capital firms.

Key Milestones in Kuda’s Growth

2019 – Rebranded as Kuda Bank and secured a CBN microfinance banking license.
2020 – Raised $10 million in seed funding, one of the largest in Africa at the time.
2021 – Secured $55 million in Series B funding, boosting expansion across Africa.
2025 – Expanded operations in Nigeria, the UK, and continued to innovate with features like savings plans, instant transfers, and bill payments.

According to TechCrunch, Kuda has positioned itself as the “bank of the free” by eliminating traditional charges, offering flexible savings options, and giving users complete control of their finances through a simple mobile app.

What Makes Kuda Bank Different?

Kuda Bank has stood out in Nigeria’s crowded fintech space by focusing on digital-first solutions and customer-friendly policies.

Unique Features of Kuda Bank

Zero Maintenance Fees: Unlike traditional banks, Kuda does not charge monthly account maintenance fees.
Free Transfers: Users enjoy a limited number of free transfers monthly.
Automated Savings: Options like Spend+Save help customers save effortlessly.
Instant Notifications: Every transaction comes with real-time alerts.
Accessibility: The app is available on both Android and iOS, making it widely accessible.

Who Really Owns Kuda Bank: Investors and Shareholders

While Babs Ogundeyi and Musty Mustapha remain the key founders, Kuda also has institutional ownership through its investors. Global venture capital firms such as Target Global and Valar Ventures (backed by PayPal co-founder Peter Thiel) have invested millions of dollars in Kuda, making them part-owners.

This mix of Nigerian leadership and international investment is what has propelled Kuda into becoming one of the leading digital banks in Africa.

Why Nigerians Are Choosing Kuda Over Traditional Banks

With over 7 million users in 2025, Kuda Bank has tapped into the frustrations of many Nigerians dealing with high fees, hidden charges, and poor service from traditional banks.

Key reasons users prefer Kuda include:

Transparent banking with no surprise charges.
A modern app that simplifies financial management.
Fast account opening without the need to visit a physical branch.
Reliable customer support and growing community trust.

For Nigerians exploring safe and reliable digital banks, Kuda is increasingly becoming the top choice, alongside competitors like Opay and Moniepoint (see our guide on Opay customer care number for comparison).

The Future of Kuda Bank Ownership

So, who owns Kuda Bank? The short answer: It is co-owned by Babs Ogundeyi and Musty Mustapha, with strong backing from global investors like Target Global and Valar Ventures. Together, they’ve created a digital bank that is reshaping Nigeria’s financial sector and offering millions of people better access to affordable banking.

If you’re ready to experience modern banking without hidden charges, you can open an account today by downloading the Kuda Bank App on Google Play or the App Store.

Take control of your finances today—because the future of banking is digital, and Kuda is leading the way.